Michael Knott News
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Leasing by San Francisco-area technology firms is slowing just as developers are poised to add 6.5 million square feet of office space to the city and Silicon Valley, the most construction in a dozen years.
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Midtown Manhattan office values are within 15 percent of their mid-2007 peak, as real estate investors flock to the city expecting rent growth , Green Street Advisors Inc. said.
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The broker’s pitch was appealing: Inland Western Retail Real Estate Trust Inc. would pay steady dividends and the stock price wouldn’t fluctuate with the market. In 2004, Robert and Davida Wendorf invested $100,000.
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Lower Manhattan’s World Financial Center, the 8 million-square-foot complex near the Hudson River, will soon have a new identity as owner Brookfield Office Properties Inc. seeks to attract a shifting mix of tenants.
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U.S. real estate investment trusts are selling shares to fund property acquisitions after using record cash from equity offerings last year to reduce debt and cover dividends.
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The best real estate investment in the past decade was found at the opposite end from trophy resorts and office towers, in 5-foot-by-5-foot lockers.
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Manhattan’s Plaza district, the area near Central Park that commands the nation’s highest office rents, has a glut of space as financial firms cut back and tenants seek trendier neighborhoods south of Midtown.
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B. Wayne Hughes, a sharecropper’s son who became a billionaire pioneering warehouses for Americans needing storage space, is buying thousands of houses to rent as more people find homeownership out of reach.
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Boston Properties Inc., owner of New York’s General Motors Building and Boston’s John Hancock Tower, said second-quarter funds from operations rose 16 percent as office rental revenue increased.
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U.S. commercial real estate yields are near the highest level relative to Treasury bonds on record, a signal to some investors it’s time to buy property.
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